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Polyflex Marketing Private Limited, a promoter shareholder of Sleepwell mattresses maker Sheela Foam, has filed for initial public offering of Sheela Foam shares.
The company has filed draft papers with markets regulator Securities and Exchange Board of India to raise up to Rs 510 crore through the IPO.
Polyflex Marketing holds 27.75 per cent stake in Sheela Foam, according to the draft papers.
At a face value of Rs 5, an unspecified number of shares will be sold to public at a price band to be decided later.
Sheela Foam, with an EBITDA (earnings before interest, tax, depreciation and amortization) of about Rs 200 crore, would not receive any proceeds from the IPO. The proceeds from the offer will be remitted to the selling shareholder, that is, Polyflex Marketing.
Edelweiss Financial Services and ICICI Securities will be the book running lead managers to the issue.
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